Capital One "Savor" App, Wanting Income Proof

[Anonymous]

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@Anonymous wrote:

Probably so. However, I've now received an email from them that's giving me the option of uploading documents to their website instead of faxing them in. That's about 100x more convenient, so I'm probably going to give it a shot soon. If anyone's interested, I'll update later on how it went if something develops out of it.

I get that ~$30k + student status might be scary for the average card wielder, but what's the point of credit histories and scores if my 802 Experian doesn't weigh in on that decision? My 6 year perfect history with them ought to be worth at least a $1k credit line, I mean sheesh. I run that through my Quicksilver some months and always pay in full. Silliness.

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The 802 score means something but so does your job and your income and your debt to income.  I am not sure what you are complaining about though.  You lied about your income.  If you didn't lie you wouldn't have anything to worry about in a review. 

[Anonymous]

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@Anonymous wrote:

You are giving them mixed signals. Saying you are a student then saying you make $30K is possibly confusing them. When I was a student (think Vietnam era) most students only worked 15 to 20 hours a week for the school and got paid $3 /HR.  DW and myself have some people working full time for us out of school just making $30K   In 2008 when every thing went under here I know I was not netting $30K and if I had offered  jobs paying that I would have a million applicants from the region. 

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I think college interns at my company make over 20 dollars an hour but I expect on their credit applications they don't put "student" down as occupation. 

[Anonymous]

Excuse me, no, I did not lie about my income. My income is less straightforward to demonstrate when it comes from GI Bill payments, grants, scholarships, bank interest, investments, and other valid sources. You can even include any regular assistance from relatives if you really want the hassle of getting them to write a letter and sign it. 30k is a legitimate estimate for a variable result.

If you interpreted this as a "woops, I lied big time, now what" post, then you're mistaken.

[CreditCuriosity]

@Anonymousdirectly from your first post..  Highballed is the same is fudging it, isn't it?  If I misunderstood you please correctly me and I will admit I am wrong

"I might've high-balled it slightly, but I figure I get at least 25k/year from various sources. "

Once again if I misunderstood you please accept my appologizes, but that was your statement from original post.  We are trying to help you not attack you or degrade you.  Credit only goes so far being scores.  One has to be able to pay back said debt if incurred.  Yes your scores shows you have the ability to do this.  Usually when they give out the savor card it is for 10k-30k limits thus at a 25-30k income they being cap1 is putting out alot of trust.  In all honesty it isn't meant for a 30k income from the approval amounts I have seen on it, but with your history you certainly could get it if you provide all the documentation they want/need.  If you are "close" enough to what you listed on your income then you should be good.  I understand it isn't as cut and dry as that.  Kinda like I have a big bonus each year which comes close to your stated income you put on your application, but I don't even list that as my income on CC apps as it is hard to prove until my w-2 comes the following year.

[Anonymous]

If you didn't lie than what are you worried about? Just send them the information they want. You said in your post that your income from all these sources is 25k but you put down 30k. That sounds like a lie of 20 percent. I am not sure how much card how much use you would get out of this card as a lot of your income would go to tuition and housing. If you managed to spend 4K a year on restaurants that would only be 60 dollars more than quicksilver. I wouldn't bother with hassle of income verification for that amount of money.

[Anonymous]

That's fair enough. The difference to me is that a lie carries an intent to deceive whereas a "modest highball" is more like rounding a rough estimate. I thought about it in more detail again, and my income is about 28k. At the time of the app, I wasn't thinking about being so precise. So forgive me on that.

Also if anyone's interested, it says this in the App details:

"How Do You Determine My Credit Line?

We will determine your credit line after a review of your application and your ability to pay. If your application is approved, the minimum credit line you will receive is $1,000."

So while some might get 10-30k limits, I wasn't shooting for the moon. I figured a 1k limit with my history would be no problem. It didn't strike me as a pretigious card to qualify for.

Anyway, part of the concern in the original post about showing the income proof is less of a problem now since I don't have to fax in the documents anymore. I guess I mainly just wanted to chat and share my customer experience here, and provide a heads-up for anyone in a similar situation so they can know to either not take the pull, or be willing and prepared to show them the money. I've learned the lesson to be more precise and less casual in future credit apps instead of rounding.

Have a good day.

[Anonymous514]

If you put the incorrect amount of income knowing you do not personally make that amount. Then it is a lie. say they approve you. You run up thousands. Then you file bk or get sent to collections. When they ask for statements to verify your income and bring the application onto the table you would be in trouble. That is falsiying documents. https://millionmilesecrets.com/2013/05/06/lying-on-a-credit-card-application/

[Anonymous]

I can totally sympathize with OP.  I have a very complicated income situation from past businesses, past failed businesses, tax write offs, current businesses, cash businesses, and misc payments from different sources going into different bank accounts and paypal(which is never counted as legitimate).  I CANNOT submit proof of income even though I clearly have my income and use a "stated income" which is much less than my actual "cash flow".  I lost a Penfed card over this....having to walk away from a 17k approval because they would ONLY accept tax returns to prove my income, despite my offering my bank statements which they threw in the garbage without considering.

So OP you are caught up in the same thing I was.  I had to walk away and was stuck with an HP and a lesson learned to NEVER apply at a credit union again.  YOU should go ahead and submit what you have.  Capital One is more of a bottom feeder in ways and flexible and may see you are "close" and do have "some" income, and have a savings account with actual money in it, etc. etc.  Bury them with stuff. They may likely approve you.  Or not.  But with the HP's you should proceed because you are too invested now.  The worst they will do is say no.  One of my first cards was a Capital One card and they worked with me back and forth for 2 months on getting it approved.  My post is late so maybe you already did.  What happened?

[Anonymous]

Purple Mesa, thank you so much for your story. I, too, am a student and was wanting this card sooo bad. Like you, I got hit with the income verification letter for my Chase Amazon App. Discover said to include scholarships and grants (which for me was a lot) and I got approved for my discover. The chase rep wasn’t as kind; he said that the thousands of dollars I’m getting in fin Aid and scholarships doesn’t count... Oh well, I tried. 

I digress. I love to hear stories like these (from students). Now that I hear your story, I’m now looking more towards the Uber Card (despite me already having a Cap 1 Journey). Good luck with your credit journey! (Although judging from your score, you’re almost done!)

[Anonymous]

I guess can kind of understand why Chase was being conservative about counting grants and scholarships, provided they only cover tuition, fees and books. However, it would seem that they should consider any part that covers living expenses. And in response to those who think $30K would be unusually high for student income, think again. $30K is not an unusual income for students working part time, especially grad students who make $2500 a month as research assistants and teaching assistants at our university. And that’s in addition to grants that cover their school expenses.